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Magma HDI Zero Depreciation Car Insurance
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Due to a decrease in the value of the insured's car over time, Magma HDI deducts a depreciation fee from the claim amount. Vehicles are naturally depreciating assets, which means that with every new car, there will only be a devaluation in the price over time. Magma HDI zero depreciation car insurance cover is optional protection that can be added to a standalone own damage or comprehensive car insurance policy to avoid depreciation charges being deducted during claim settlement. Let’s check how this policy assures you financially in case you claim Magma HDI zero depreciation car insurance cover.
How does Magma HDI Zero Depreciation Cover Work?
Every vehicle loses its monetary value over time due to regular wear and tear. Availing Magma HDI zero depreciation add-on cover will help you avoid the effects of depreciation. The policyholders can get the highest claim amount with Magma HDI zero depreciation cover. Furthermore, irrespective of the depreciation in the value, it allows car owners to repair and replace depreciable parts of the insured car at cashless garages.
Magma HDI Zero Depreciation Add-on Cover Benefits
- Possibility of Accessing Higher Claims
As the insurer does not subtract any depreciation charges, the policyholders opting for zero depreciation enjoy an increased claim amount. It ensures the policyholders get the maximum compensation.
- Saves Money
Due to zero depreciation cover, a slight rise in premium amount saves you from the expense of replacing and repairing the depreciable parts of the insured vehicle.
Depreciation Rate Applicable on Car with and without Zero Depreciation Add-on
| Four-wheeler’s Age | Depreciation Rate (without Zero Depreciation) | Depreciation Rate (with Zero Depreciation) |
| Under 6 Months | NIL | NIL |
| 6 Months to 12 Months | 5% | NIL |
| 1-2 Yrs | 10% | NIL |
| 2-3 Yrs | 15% | NIL |
| 3-4 Yrs | 25% | NIL |
| 4-5 Yrs | 35% | NIL |
| 5-10 Yrs | 40% | NIL |
| Above 10 Yrs | 50% | NIL |
What is Included Under Magma HDI Car Insurance Policy with Zero Depreciation Cover?
- Maximum claim amount to policyholders
- Privilege to repair and replace depreciable parts of the insured's car at cashless garages
What is not Included Under Magma HDI Car Insurance Policy with Zero Depreciation Cover?
- It is only available if the car is less than two years old.
- The insurer does not cover a total loss
- Mechanical or electrical breakdown of the car
Factors Affecting Magma HDI Zero Depreciation Car Insurance Cover
- Any damage resulting from natural wear and tear is not covered.
- This coverage can only be used twice throughout the insurance period.
How to Buy Magma HDI Zero Dep Cover?
- Policyholders will need to visit the official website of Magma HDI car insurance or visit its nearest branch to apply for the add-on.
- Enter your policy number and other details.
- Select the zero depreciation add-on.
- Pay the premium amount.
- Your zero depreciation cover will be activated.
Magma HDI Zero Dep Cover Review
Magma HDI is a leading brand when it comes to car insurance. it provides various add-ons to benefit policyholders. One of the company's most beneficial add-ons is Magma HDI zero depreciation car insurance. This add-on can be opted with standalone own damage or comprehensive car insurance. This policy will help you prevent the deduction of depreciation charges during the claim settlement.
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Magma HDI Zero Depreciation Car Insurance FAQs
1. Which depreciable car parts are covered under Magma HDI zero depreciation car insurance cover?
These car parts are protected under the Magma HDI zero depreciation add-on cover
- Fiberglass
- Plastic
- Nylon
- Rubber
2. Does Magma HDI zero depreciation car insurance cover ensure the total claim amount?
No, that is not the case! As deductibles are factored in while calculating the claim amount, zero depreciation cover does not result in the entire claim amount disbursal. Only the depreciation charges are waived by the zero depreciation cover.
3. What factors decide the Magma HDI car insurance premium amount when opting for its zero depreciation cover?
When choosing zero depreciation coverage, the below-mentioned criteria determine the rate of increase in the premium amount.
- Vehicle’s age
- Model of the vehicle.
- Residential area.
The insurer may inspect before adding zero depreciation cover to your car insurance policy.
4. Is Magma HDI zero depreciation car insurance cover available beyond the city limits?
No, the Magma HDI zero depreciation cover will protect the insured car and its owner/driver only within the predetermined geographical area. The insurer won’t be obliged to bear any expenses for the damages caused by/to the insured car outside that zone.
5. What is the depreciation rate for parts of the car with and without zero depreciation add-on?
Below is the depreciation rate applicable on car parts with or without Magma HDI zero depreciation cover.
Car Parts Depreciation Rate (Without Zero Depreciation) Depreciation rate (With Zero Depreciation) Rubber/plastic/nylon parts 50% NIL Parts made of fibre glass 30% NIL Parts made of Glass NIL NIL